When it comes to crypto adoption, the online casino sector was one of the earliest movers. Indeed, the first Bitcoin casino opened for business way back in 2014. Back then, it was seen as something of a novelty, and given Bitcoin’s volatility, there was certainly the argument that just owning the virtual currency was enough of a gamble, without using it to play blackjack or slot games.
However, where most crypto novelties splutter and die (Cryptokitties, anyone?), the concept of using crypto for casino gaming has started to garner mainstream appeal. The point is, today's online casino goers are spoilt for choice when it comes to payment methods. For example, this PayPal casino in Pennsylvania also accepts Visa, Mastercard, Trustly and others. Crypto is starting to be seen as just another payment option, and it is one that both the casinos and their customers are taking increasingly seriously.
Fast and slick transactions
Moving funds into a gambling account, and ideally withdrawing them when you hit the jackpot, has always been something of a pain point with online casinos. Bank transfers take time, third party facilitators charge a commission and as for credit cards – most responsible casinos won’t go near them.
There’s a certain elegance to using digital money in a digital casino. When you use crypto, the transaction is instantaneous. It’s also highly secure and in most cases, you won’t be hit with extra transaction fees.
Security and anonymity
That security aspect goes beyond the security that is inherent to blockchain transactions. It also means that if you are using Bitcoin, you are not transmitting your bank account number, home address and other personal data to yet another third party where it can be intercepted or lost. Don’t misunderstand, online casinos take personal data protection seriously, but every time you fill in one of those forms, whether it’s for a casino, a grocery store or a music streaming site, that risk exists. The best way to truly mitigate it is to avoid sharing that data at all.
The anonymity of crypto also brings peripheral benefits to players. These days, it sometimes feels like you can’t do a thing without someone looking over your shoulder. Using crypto in the casino means the establishment will not be mentioned on bank statements, PayPal summaries and so on. Crypto also presents a useful work-around in jurisdictions where banks are prohibited from processing payments to or from internet based gambling businesses.
What about the cons?
Just from this brief evaluation, we can see there are plenty of reasons why crypto and online casino gaming are a good fit. But there are two sides to every coin. The only real downside to using Bitcoin or an altcoin at the casino is the one that has always been there. Volatility remains a concern and risk averse gamblers, if such creatures exist, still shy away for that reason.
However, as time rolls on and Bitcoin is demonstrably more stable, that is steadily becoming less of a barrier. Crypto casino gaming is here to stay, and its popularity will only increase.
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